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New focus on GCC celebrates innovation in infrastructure
Recent reports indicate that the Gulf Cooperation Council (GCC) in planning US2.4 trillion worth of projects in the region meaning infrastructure development is set to boom.
The GCC region is collectively planning to move away from oil-based economies as they grow into supply chains with an expertise in the movement of trade in a key global strategic position.
In order to mark the ongoing diversification of economies, leading business intelligence provider MEED has shortlisted 80 companies that are leading in this field.
John Emmerson, Director of Events, MEED, said: “In putting the spotlight on the achievements of various stakeholders in the projects market in the GCC, we hope to highlight their invaluable inputs to the current growth and future sustainability of the region.”
Richard Thompson, Editorial Director, MEED, said: “Anyone seeking to do business in the region must be both flexible and patient.
“The biggest projects will take time to come to the market, and contract awards may never recover to pre-2016 levels.
“A new approach to project delivery is required. Governments want greater economic sustainability and are seeking innovation improve efficiency and reduce the need for capacity expansions.
“Private developers are expected to take a larger share of the capital burden through public private partnerships (PPP), as well as through the privatisation of state utilities and future projects are expected to deliver more ‘in-country’ value in terms of job and supply chain opportunities for local companies.”
Read more: GCC Leading Smart Cities Market